CRS - how avoid being reported twice/triple

[Rzeznik]

Clear text what you should know how CRS should work.
Since I see a lot of people want play with this is good to know principal rules first.
Reportable is account balance at end of year or day you have closed account and total gross amount credited (page 29;30 point 4;6 )

https://read.oecd-ilibrary.org/taxa...atters-second-edition_9789264267992-en#page34Page (34-35)

Main points institutions will check and report according to that list:
- residence/mailing address
- telephone number
- standing instructions to transfer funds to transfer funds to account in re-portable country
- if you have more money then more advance checks can be preformed including "paper record search"

If you change data your or institution detect change then they will report you to more jurisdiction that one.
(personalty I was not aware that phone number plays role )
(probably using VPN sometimes will be needed if you keep logging from other jurisdiction than declared )

 

[Martin Everson]

Yes I talked about indica at length on different threads. Basically any indication of residing in another country and it will be reported there. i.e have a Dutch telephone on your German account and it will be reported to Netherlands also after a digital search is done for inidica. At most banks CRS reporting is fully automated with CRS modules that take care of all of this. Bank staff would be oblivious to it all.

 

[cp74]

Hi,

Reportable is account balance at end of year or day you have closed account and total gross amount credited (page 29;30 point 4;6 )

Maybe a silly question but i try the understand the theory (just in case); what if i transfer whole bank/EMI current balance into a Non-Custodial crypto wallet for just a couple of days, just before the end of calendar year?

Account is still open, no balance. So no closure reporting. But no balance also, then what will be reported? A zero value?

Page 29, 30 says "end of the relevant calendar year or other appropriate reporting period". No idea when to be reported apart from a year ending. Or no idea about any exceptions/other bilateral agreements; but do you think if this works not to be reported (or let's say to be reported with minimal amounts)?

What about balance activities during the year? They will not be reported, right?

Cheers,

 

[DavidS]

Hi,



Maybe a silly question but i try the understand the theory (just in case); what if i transfer whole bank/EMI current balance into a Non-Custodial crypto wallet for just a couple of days, just before the end of calendar year?

Account is still open, no balance. So no closure reporting. But no balance also, then what will be reported? A zero value?

Page 29, 30 says "end of the relevant calendar year or other appropriate reporting period". No idea when to be reported apart from a year ending. Or no idea about any exceptions/other bilateral agreements; but do you think if this works not to be reported (or let's say to be reported with minimal amounts)?

What about balance activities during the year? They will not be reported, right?

Cheers,

Could someone clear this up?

And how does it apply to stock broker balances?

Do they report only the number of shares you own or the total value of shares?

 

[backpacker]

But no balance also, then what will be reported? A zero value?

Accounts with zero or negative balance will be reported, too.
In addition turnover and outgoing funds.

And how does it apply to stock broker balances?

A fully regulated broker is a reporting financial institution. To this regard bank and broker are equal.

Do they report only the number of shares you own or the total value of shares?

Total value of shares.